Jim Cramer on 10 Stocks With The Biggest Declines Last Week

5. Palantir Technologies Inc. (NASDAQ:PLTR)

Number of Hedge Fund Holders: 63

Cramer highlighted that the reason behind Palantir Technologies Inc. (NASDAQ:PLTR) stock’s recent weakness was more simple than the headlines were making it out to be and stated:

“Fifth largest decline, well, from the aforementioned Palantir Technologies, which fell 18.7% during the three-day period, and then plunged another 10.5% today. While there was some relevant news here, headlines about budget cuts from the Pentagon, insider selling chatter, resignation of the chief accounting officer, I don’t think that explains the weakness. Palantir got crushed because it was the hottest stock in the entire market, traded up to extreme valuation via a parabolic move. They never, those don’t last, trust me. And then Wall Street gave up on momentum so Palantir came right back down. I like the company stock, but the company, but you know what? The stock’s so expensive and frankly, I gotta tell you, I think it’s gotten a lot of some real bearish adherence in the last few days.”

Palantir (NASDAQ:PLTR) develops software platforms for complex data integration and decision-making, offering products like Gotham, Foundry, Apollo, and its AI Platform to help organizations manage and analyze large datasets.